Earnings Review and Free Research Report: Platform Specialty’s Results Beat Analysts’ Estimates of Earnings and Revenues

Research Desk Line-up: Westlake Chemical Post Earnings Coverage

LONDON, UK / ACCESSWIRE / September 1, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Platform Specialty Products Corp. (NYSE: PAH) (“Platform”), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=PAH, following the Company’s release of its financial results on August 09, 2017, for second quarter of FY17. The Company reported y-o-y increases of 2.1% in net sales and 6.4% in adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Specialty Chemicals industry. Pro-TD has currently selected Westlake Chemical Corporation (NYSE: WLK) for due-diligence and potential coverage as the Company reported on August 03, 2017, its financial results for Q2 2017. Register for a free membership today, and be among the early birds that get access to our report on Westlake Chemical when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on PAH; also brushing on WLK. With the links below you can directly download the report of your stock of interest free of charge at:

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Earnings Reviewed

Platform reported net sales of $941.11 million for the second quarter of FY17 compared to $921.6 million in the second quarter of the last fiscal year; registering a growth of 2.1% y-o-y.

The Company clocked gross profits of $399.9 million in Q2 FY17 compared to $380.6 in the same quarter of the last fiscal year; a decrease of 10.7% y-o-y.

The operating profit generated by Platform was $90.4 million in Q2 FY17 compared to $94.9 million in Q2 FY16; a reduction of 4.7% y-o-y. The Company reported a net loss of $60.0 million in Q2 FY17 compared to a net loss of $8.1million in the same quarter of the last fiscal year, thereby expanding loss by 640.7% y-o-y.

The adjusted EBITDA for Platform was $205.2 million in Q2 FY17 compared to $192.9 million in the same quarter of the last fiscal year; an increase of 6.4% y-o-y.

The diluted loss per share was $0.21 in Q2 FY17 compared to loss per share of $0.04 in Q2 FY16. Earnings, adjusted for one-time gains and costs, were $0.20 per share.

Platform beat Wall Street’s estimates for earnings of $0.18 per share as well as revenue estimates of $927.8 million for Q2 FY17.

Segment Information

The Performance Solutions business of Platform generated net sales of $462.3 million in Q2 FY17 compared to $438.0 million in the same quarter of the last fiscal year. The Company reported adjusted EBITDA for the segment at $102.7 million in Q2 FY17 compared to $97.9 million in Q2 FY16. The segment clocked an adjusted EBITDA margin of 22.2% for Q2 FY17 compared to 22.4% in same quarter of the last fiscal year.

The Agricultural Solution business of the Company clocked net sales of $478.8 million in Q2 FY17 compared to $483.6 million in Q2 FY16. The adjusted EBITDA for the segment was reported at $102.5 million for Q2 FY17 compared to $95.0 million in the same quarter of the last fiscal year. The adjusted EBITDA margin for the segment was 21.4% in Q2 FY17 compared to 19.6% in the same quarter of the last fiscal year.

Cash Matters

Platform generated net cash of $107.2 million from operating activities in Q2 FY17 while it had expended $120.4 million in the comparable quarter of the last fiscal year.

The net cash used in investing activities was $22.6 million for Q2 FY17 compared to expenditure of $25.4 million for the corresponding period of the last fiscal year.

Platform used $32.7 million in net cash for its financing activities in Q2 FY17 compared to the generation of $80.0 million in Q2 FY16.

At the end of Q2 FY17, the Company had $427.1 million in cash and cash equivalents compared to $366.4 million at the end of the same quarter of the last fiscal year.

Outlook

The outlook for the entire year 2017 was updated by Platform and the Company now expects the low-end of its previously provided adjusted EBITDA guidance to be around $810 million, resulting in an updated adjusted EBITDA guidance range of $810 million to $830 million. This guidance is based on foreign exchange rates as of June 30, 2017.

Stock Performance

At the closing bell, on Thursday, August 31, 2017, Platform Specialty Products’ stock advanced 2.01%, ending the trading session at $11.68. A total volume of 2.94 million shares have exchanged hands, which was higher than the 3-month average volume of 2.66 million shares. The Company’s stock price surged 29.06% in the previous twelve months. Moreover, the stock rallied 19.06% since the start of the year. The stock is trading at a PE ratio of 129.78 and currently has a market cap of $3.52 billion.

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